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Questions tagged [finance]

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0
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1answer
16 views

Is exchanging currency through internet is considered as “hand to hand”?

Salam Aleikom, Islam has put two rules when exchanging currency, which one of them is that it should be hand to hand transaction. These days people are using internet and mobile applications, this ...
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0answers
13 views

What concept(s) does the Islamic jurisprudence offer to save a person from ruining himself and his family?

In some of the ahadith which quotes testaments and limits a testament part to one third of the wealth of a person. The Prophet () warns a sahabi not to leave his inheritors (children) poor due to his ...
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0answers
52 views

Does one have a profit in an Islamic banking system?

Usually when you open an account in a bank they try to attract you with interest. My question is how so called Islamic banks can -likewise- offer their customers, especially as riba (and interest is ...
2
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1answer
42 views

Is there a difference between taxes and customs in Islam?

هل هناك دليل شرعي يخرج الضرائب من المكوس ذات العقوبة العظيمة في الإسلام؟ هل فرض النبي أو أحدا من الخلفاء دفع مال علي المسلمين غير الزكاة؟ Is there evidence that makes taxes different than customs ...
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0answers
101 views

Is a UK university student loan riba, and if so, is it “necessary” if I have no other means to pay for education or to provide for my family?

I’ve heard student loans deemed as Ribaa. However, for a UK university student loan, the conditions are documented: How much you repay You pay back 9% of your income over the minimum amount ...
2
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1answer
127 views

Ethereum Casper and Proof of Stake

Ethereum is a blockchain technology that allows code to run on it called smart contracts. Its base currency is $ETH. You can think of the ethereum blockchain as a super computer that you can run ...
2
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0answers
43 views

Investing in halal company that is partnered with company planning to add leverage trading (involves interest) in the future

Salam all, I have invested in a cryptocurrency ICO (like an IPO for cryptocurrencies/crowdsale) after researching into it to find any sort of haram connections or actions taking place by the company. ...
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0answers
50 views

Is it haram to work for a company that makes software for buying/selling shares?

I recently have acquired a job with a software company that creates specialist programs for clients who want to buy/sell shares. I have no idea where the client will be buying the shares from nor can ...
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0answers
46 views

Is earning money through Bitcoin and crypto currency mining halal? [duplicate]

Is earning money through crypto currency mining haram because most of my family members think it is interest and it is like earning money without doing work.
2
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0answers
71 views

Are jizya and zakat/sadqa the only sources for state finances in Islam?

As far as I know the Islamic state has mostly developed in the time of the caliphs and the later dynasties. But surely there must be some sources that might have guided and inspired what we now may ...
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2answers
395 views

Is binary option trading halal?

I want to know about binary option trading. In this trading a person predicts that if the currency goes up in the next 1 minute to 1 day, then one will buy and if one's prediction is correct one gets ...
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0answers
78 views

Is it halal to pay riba with riba? [duplicate]

Instead of sending unwanted income from riba towards charity, would it be halal to use the earned riba to pay the interest-only portion of a loan such as a mortgage or student loan. For example, if ...
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3answers
1k views

Are we allowed to save money in Islam?

I've heard that Allah does not like someone who stores his money and do not spend on poor. I think this is based on the verses 104:1-2: Woe to every scorner and mocker Who collects wealth and ...
3
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1answer
647 views

Is intraday trading haraam if you convert losses to investments?

The name "intra-day trader" refers to a stock trader who opens and closes a position in a security in the same trading day. ... Day traders and intra-day traders are at the top of the risk spectrum. --...
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1answer
179 views

Is Usurfruct (where a loaned item produces something) a form of interest?

There is a concept called "Usurfruct" (use fruit) where an item is lent, but it produces something during the period of the loan. I lease my two horses to Omar for a year while he uses my house. ...
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0answers
59 views

Is working on coporate finance like budgeting and forecasting halal or haram?

is working on corporate finance like capital budgeting, financial analysis, finance forecasting is permitted in islam. is it halal or haram?
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0answers
60 views

Making Investment with Loan (with Interest)

Suppose a person take a loan from the bank to make an investment. The loan has to be returned with interest. Using the loan, he buys assets. To return the loan+interest, he rents the assets over a ...
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3answers
3k views

If interest is haram, how can a Muslim get a house or a car in modern times?

If interest is haram, how can a Muslim get a house or a car in modern times? The prices these days are so inflated it is impossible for regular people like myself to afford the so-called basic ...
0
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1answer
92 views

Is it ok to use Islamic donations as tax deductibles? [duplicate]

Every year I see many masjids and Islamic organizations requesting for funds. They also state the donations are tax deductible. Hence, my question is: is this permissible? Is there not a fear that ...
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2answers
82 views

Resolving an issue regarding shares in a partnership business

I am seeking for a Mashoora on a issue raised due to allocating shares in a partnership business among 4 best friends. The industry was clothing and capital is 400k. I shall name the business ...
2
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0answers
139 views

Question on Murabaha (selling the product before the end of the contract period)

Assalamu alaikum All, In a Murabaha, can the Buyer/Agent of the product, who promises to buy the product from the Seller at a later point in time, sell the product to his customer (with the Seller's ...
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1answer
85 views

Is an investment where I receive returns for a period of time halal?

I recently made an investment but now am uncertain if the returns are halal. Below is the agreement between me and the company. I invested a sum of money for a project in India and have a stake in a ...
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0answers
341 views

What happens in a Murabaha mortgage when the seller defaults?

The question Why is Murabaha not considered Riba? discusses the theoretical difference between Murabaha and riba. I would like to know if there is any practical difference. To be concrete, let's talk ...
2
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1answer
2k views

Is it permissible to work in a financial institution, if you work in a role that does not directly deal with riba?

I am a Muslim undergraduate student in the US who is contemplating career options and thinking about the finance track that a lot of undergrads gravitate towards (positions in investment banking or ...
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3answers
6k views

Is interest entirely haram or can there be exceptions under neccesity?

A query in similar to a question posted on this site (Is interest-based educational loan allowed? ) (this may seem like a similar question, but from a clear angle). Allah says: “Those who devour ...
1
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1answer
229 views

How halal banks give private consumption loans that don't earn profits?

While searching for "How did Muslims operate Halal banks if there is no interest". I came to know that banks take some portions/share of profit. My question is that, how do they manage the share or ...
3
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1answer
47 views

Rulings on giving employees equity in a company

I am in the process of joining a start-up and they are offering me equity in the company (5%). Information on Islamic Finance and business dealings is scarce on the web (aside from the general stuff) ...
2
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1answer
308 views

What does Islam say when the husband barely provides for the expenditure and expects the wife to take the financial burden?

I earn more than my husband. My husband's family is needy too. He send half of his earning to his family. But I am the person responsible for house, bills, food etc important for life. He pays ...
3
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1answer
77 views

Is it necessary for the mudarib to reveal his dealings to the rab-al-mal?

In a mudarabah-based business, does the rab-al-mal have the right to know which businesses the mudarib chooses to invest the capital in? If, for example, the mudarabah contract clearly requires the ...
3
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2answers
142 views

Does something bought have to be physical?

The question Is real (physical) money traded during online trading? says In Islam, it is a common ruling that the product that a person buys should exist physically. It seems to me that this would ...
2
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1answer
256 views

What is the ruling on project based jobs?

My question is regarding project based jobs. Most of the time when we are on projects we get projects from multiple clients. For example Case 1 : Abdullah got employed by a private consultancy (XYZ)...
3
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1answer
526 views

What is money in Islam?

What is considered currency in Islam? Can gold coins, foodstuffs be used as currency? And are these modern bank issued paper notes shariah compliant currency?
0
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1answer
212 views

Can Amazon.co.uk MasterCard be used in a Halal way?

Amazon.co.uk MasterCard provides a loyalty scheme that rewards buyer for almost every purchase. What is Haram in Amazon.co.uk MasterCard? Can this service be used in a Halal way?
4
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1answer
1k views

Islamic investments

I've been reading about the Islamic stock market and have been looking at some of the companies in some of the Islamic indexes and/or Islamic funds. I have noticed that they include companies which ...
6
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1answer
594 views

Are monthly payments an Islamically acceptable way to receive money for your goods?

I'm sure not many people will agree to such a purchase, but if I went out and bought a phone for $500, with the intention of making a profit, and advertised it as: Pay monthly installments for this ...
7
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3answers
5k views

Are islamic Funds and/or ETF's really halaal investments?

According to iShares: The MSCI World Islamic Index offers exposure to stocks from the MSCI World Index which comply with Shariah investment principles. I don't get it, the ETF LSE:ISWD (ISHARES ...
3
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1answer
162 views

Shares in company which manufactures non haraam products

If I become a partial owner of a company via investment, i.e. I buy 100 shares in a company which gives me 1% ownership. If the company sells non haraam products, i.e. metal, but has a loan on which ...
3
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2answers
4k views

If husband and wife are both working, does wife have to contribute money to running the household?

Is it always man's responsibility to run the house? Does wife has to contribute in case where she has a job? What is the situation where husband is jobless and wife is working? What is Islamic ruling ...
5
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3answers
478 views

Is it halal to loan out money which people save in your bank?

Original idea from here. My question is, is it halal to loan out money which people save in your bank? Let's say we have an online website. People can 'lend' money to the website (no interest), and ...
22
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4answers
102k views

How do Islamic banks make money if interest is prohibited?

I know that Islamic Banking involves the prohibition of interest based loans. But how do Islamic Banks make profit if they charge no interest?
12
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1answer
3k views

Can a Muslim borrow money from his own 401(k) plan, with interest?

I understand from this, and other related questions, that Muslims are not permitted to charge interest on loans. This brings up a question for me: In the U.S. many people have 401(k) retirement ...
5
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1answer
6k views

What is Mudarabah in Islamic Banking? How is this different from traditional banking?

I believe that the Islamic Banking system is pure from impurity of Riba (interest). But some of the Muslims do not see any difference between the Islamic Banking and traditional interest based ...
7
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1answer
4k views

Should a mortgage be treated as loan and hence be deducted from net worth when calculating zakat?

A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while ...